Bitwise CEO: Bitcoin "wants to go higher" as Strategy's BTC sale barely dents sentiment

Bitcoin quickly regained ground after Strategy disclosed it sold 3,588 BTC, a transaction valued at about $216 million, suggesting buyers were ready to absorb fresh supply. Bitwise CEO Hunter Horsley said the snapback showed Bitcoin "wants to be higher," arguing that demand still points to stronger prices even when large holders sell. Bitcoin briefly dipped below $62,000 following the announcement, then rebounded toward $63,800 within hours. Strategy shares fell about 4% in premarket trading. Market participants largely treated the sale as balance-sheet management rather than a bearish signal. Strategy remains the largest corporate holder of Bitcoin, retaining 843,775 BTC. The company also reported roughly $2.55 billion in U.S. dollar reserves, a jump that improves liquidity and reduces the need for near-term financing. Grayscale Head of Research Zach Pandl said the revamped financial footing should ease investor concerns about Strategy's funding model, particularly its ability to support dividend payments tied to preferred shares. Earlier this year, dollar reserves were said to have fallen to around $870 million, enough for roughly six months of dividend obligations. With reserves now near $2.55 billion, coverage extends to about 17 months, easing worries about discounted share issuance, additional Bitcoin sales, or alternative funding. Macro conditions also remain in focus. Softer U.S. jobs data has bolstered expectations for Federal Reserve rate cuts in the coming months. Bitcoin continues to contend with ETF-related flow pressures and cautious positioning, but the market's response to the Strategy sale underscored resilience, as buyers stepped in once concerns about the company's liquidity outlook faded. The post "Bitwise CEO Says Bitcoin Wants Higher Prices as Strategy Sale Fails to Shake Market" appeared first on 36Crypto.